BTQ Technologies has introduced a Bitcoin Quantum testnet with BIP-360, offering quantum protection for transactions.
BTQ Technologies has launched version 0.3.0 of its Bitcoin Quantum testnet, featuring the first operational version of BIP-360. This new P2MR standard aims to secure transactions against potential quantum computer threats.
While BIP-360 is noted in the official Bitcoin improvement proposals, progress within the Bitcoin Core client has been slow. BTQ Technologies has advanced the concept significantly, providing a working implementation.
Key Features of the Update
This update remedies a flaw in Taproot that risks exposing public keys on the blockchain to vulnerabilities from quantum algorithms like Shor's. The P2MR output type enables the use of Taproot scripts while preventing spending along the key path. Instead of relying on private keys, it utilizes Merkle tree commitments. Additionally, it incorporates post-quantum Dilithium signatures, recently approved by NIST.
Infrastructure Developments and Future Directions
A new command-line interface (CLI) wallet has been developed, facilitating the creation, signing, and transmission of P2MR transactions on the testnet. Recent metrics reveal growing activity on the testnet, with:
- More than 50 miners participating;
- Over 100,000 blocks mined;
- Block times reduced to one minute to enhance testing efficiency.
CEO Olivier Roussi Newton cautioned against complacency, stressing that proactive measures are essential as the quantum threat looms. Bitcoin Quantum serves as a testing field for future security protocols.
The company also announced plans for monetization, including a mining pool that will impose a 3% fee and the accumulation of BTQ tokens on its balance sheet. Recent comments from Alex Thorn of Galaxy Digital suggested that fears surrounding quantum hacking of Bitcoin may be overstated.
